A Pour Over Will is the type of Last Will and Testament that accompanies a Revocable Living Trust. As wills go, this type of will is relatively simple since most of the complicated details are specified in the Revocable Living Trust. For the most part, a Pour Over Will only has one beneficiary. That beneficiary is the Revocable Living Trust which was created at the same time. Of course, if the Trust has been funded correctly, very little will pass through this will. The Pour Over Will simply serves as a safety net to capture any assets which have not been transferred to the Trust prior to death. Also, if minor children are involved, the Pour Over Will can also be used to name potential guardians in the event of the deaths of both parents.
When looking at legal documents regarding distribution of property and your assets after death, you will find a last will and testament and a living trust. These two documents are not the same, although they both deal with the distribution of your property after your death. Deciding which one is best for your estate can be tricky, and it’s important that you understand the differences between the two.
If you are not familiar with legal terms and if you haven’t seriously thought about your will and other, similar documents, you may not know what a living trust is. A living trust is a binding legal document that you create while still alive for one of two reasons: to avoid probate, or to save money when it comes to taxes. Creating a living trust also guarantees that your properties will not go to probate proceedings, saving your heirs a great amount of time and trouble. You’ll also help protect your financial privacy and set out guidelines for the distribution and use of any assets if you become unable to handle matters yourself. A living trust may be revoked by the creator, also called the Grantor, at any time.
One question few people ever ask themselves is this: “How do I create a will?” It’s a very good question, and it’s one that people really should ask themselves. Even if you’re still fairly young and healthy, you never know what may happen. If you die intestate, your family can end up dealing with the courts and other legal systems for years. To ensure that your last wishes are carried out, it is important that everyone create a will. But what do you need to create this important legal document?
Preparing a will may be something many people find a little morbid, but it’s a very important thing to do. Even though it does mean thinking about one’s own death, creating a will not only provides guidelines for the distribution of your property, it can also help protect your heirs. It will often save them money and time and it will also remove any question or doubts as to your final wishes and decisions.
Once you’ve created your last will and testament, you may believe you are finished with this depressing chore. However, over the years, you may find that you need to update or completely redo your will. There are a variety of things that can make this necessary, including marriage or divorce, having children, changing your beneficiaries, and/or selling or buying property. Here are some basic steps to keep in mind when changing your will.